:max_bytes(150000):strip_icc()/GettyImages-541789136-5795447f3df78c1734ff3d65.jpg?ssl=1 "Crypto Prices, Stocks Jump After Trump Backs Five Tokens in Strategic Reserve")
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KEY TAKEAWAYS
- Prices of bitcoin and a slew of cryptocurrency stocks are jumping Monday, after U.S. President Donald Trump announced that the token, as well as four others, could be included in a strategic crypto reserve for the United States.
- In two Sunday posts on Truth Social, Trump said that the reserve would include bitcoin, ether, XRP, Solana’s SOL token as well as Cardano’s ADA.
- On Monday morning, bitcoin, which had hit a high of around $109,000 in January, was trading around $92,000.
Prices of bitcoin (BTCUSD) and a slew of cryptocurrency stocks are jumping Monday, after U.S. President Donald Trump announced that the token, as well as four others, could be included in a strategic crypto reserve for the United States.
In two Sunday posts on Truth Social, Trump said such a reserve would include bitcoin, ether (ETHUSD), XRP (XRPUSD) , Solana’s (SOLUSD) SOL token as well as Cardano’s ADA (ADAUSD).
“A U.S. Crypto Reserve will elevate this critical industry after years of corrupt attacks by the Biden Administration, which is why my Executive Order on Digital Assets directed the Presidential Working Group to move forward on a Crypto Strategic Reserve that includes XRP, SOL, and ADA,” Trump said in a post on his social media platform Sunday. “I will make sure the U.S. is the Crypto Capital of the World.”
He said that bitcoin and ether will be “at the heart of the Reserve.“
Bitcoin Comes Off Last Week’s Around $80k Levels
Trump in January had signed an executive order to establish U.S. dominance in the digital asset market. He had promoted the idea of creating such a reserve on the campaign trail, saying that cryptocurrency the government seized during criminal prosecutions would serve as the core of a “Strategic National Bitcoin Stockpile” and that his policy would be never to sell it.
On Monday morning, bitcoin, which had hit a high of around $109,000 in January and flagged last week on Trump’s tariffs pledge, was up more than 8% at around $93,000 while ether had gained around 7%, Solana more than 13%, XRP more than 16%, and cardano more than 50%.
Shares in trading app Robinhood (HOOD) are rising more than 7% in premarket trading Monday. Cryptocurrency exchange Coinbase Global (COIN) was up more than 8%, Marathon Digital parent company MARA Holdings (MARA), bitcoin mining and infrastructure company Riot Platforms Inc. (RIOT) and bitcoin treasury company Strategy (MSTR), formerly known as MicroStrategy, are all rising at least 10%.